Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 5% – Here’s Why

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) dropped 5% on Tuesday . The stock traded as low as $6.47 and last traded at $6.52. Approximately 65,982 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 499,081 shares. The stock had previously closed at $6.86.

Analysts Set New Price Targets

Several research firms have issued reports on IE. Scotiabank dropped their price objective on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a research note on Monday, January 6th. Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th. Finally, Jefferies Financial Group reduced their target price on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, January 6th.

Ivanhoe Electric Stock Down 5.0 %

The firm has a market cap of $785.40 million, a price-to-earnings ratio of -4.10 and a beta of 0.66. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IE. JPMorgan Chase & Co. boosted its stake in Ivanhoe Electric by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock worth $566,000 after purchasing an additional 1,643 shares during the period. Tidal Investments LLC boosted its position in shares of Ivanhoe Electric by 14.5% during the third quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock worth $3,098,000 after buying an additional 46,345 shares during the period. Barclays PLC grew its holdings in shares of Ivanhoe Electric by 358.9% during the third quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after buying an additional 106,288 shares in the last quarter. Vestcor Inc raised its position in Ivanhoe Electric by 11.6% in the 3rd quarter. Vestcor Inc now owns 247,981 shares of the company’s stock valued at $2,098,000 after buying an additional 25,700 shares during the last quarter. Finally, State Street Corp lifted its stake in Ivanhoe Electric by 94.5% in the 3rd quarter. State Street Corp now owns 3,207,117 shares of the company’s stock valued at $27,132,000 after acquiring an additional 1,558,467 shares in the last quarter. Institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.